PM Modi addresses Kautilya Economic conclave, highlights India's economic growth
- In Reports
- 12:54 PM, Oct 05, 2024
- Myind Staff
Prime Minister Narendra Modi addressed the third edition of the Kautilya Economic Conclave in New Delhi today, organized by the Institute of Economic Growth in collaboration with the Ministry of Finance. The conclave will focus on important topics like financing green transition, global economic challenges, and strategies for maintaining economic resilience.In his speech, PM Modi expressed gratitude for attending the event and highlighted that the three-day conclave will feature multiple discussions on economic issues. He expressed confidence that these discussions will accelerate India's growth. Amid global uncertainties, especially with ongoing conflicts affecting key regions, the Prime Minister emphasised India’s growing global significance. “In this atmosphere of global uncertainty, we are discussing the Indian Era,” he said, adding that the world’s trust in India is growing.
He proudly noted, “India is currently the fastest-growing major economy in the world and ranks fifth globally in terms of GDP.” PM Modi also pointed out India’s top rankings in sectors like FinTech adoption and mobile data consumption, with half of the world’s digital transactions happening in the country. He mentioned India’s third-largest startup ecosystem and second-largest mobile phone manufacturer, along with its leadership in renewable energy and scientific talent.
The Prime Minister credited the government’s mantra of "Reform, Perform, and Transform" for India’s ongoing development, citing structural reforms as key to the country’s economic success. In the first three months of the government’s third term, major policy changes and decisions amounting to ₹15 trillion have been made, including the development of industrial nodes and new housing projects.PM Modi also emphasised inclusivity in India's growth story, highlighting that 250 million people have moved out of poverty in the last decade. He noted that economic growth in India is being matched by a reduction in inequality, with benefits reaching all sections of society.
Discussing global confidence in India’s economy, the Prime Minister mentioned that institutions like the World Bank and IMF have upgraded their forecasts, with expectations of India maintaining a growth rate of over 7%. However, he expressed even greater optimism for India’s future performance.
PM Modi attributed this global confidence to significant reforms over the past decade, including banking, tax systems (like GST), and the opening of key sectors such as mining, defence, and space to private players. He highlighted the success of these reforms in improving India’s macroeconomic stability and creating investment opportunities. He also spoke about the success of the Production Linked Incentive (PLI) scheme, which attracted ₹1.25 trillion in investment, resulting in a production output of ₹11 trillion. He praised the growth of private companies in defence manufacturing and India’s rising stature in space technology, with over 200 startups in the sector.
Regarding the electronics sector, PM Modi pointed out India’s transformation from a mobile phone importer to a major manufacturer of 330 million devices annually. He stressed that investors have excellent opportunities in every sector in India.
On the topic of emerging technologies, PM Modi highlighted India’s focus on AI and semiconductors, with significant investments in both fields. He shared that India’s semiconductor mission is set to launch five manufacturing plants, with chips made in India reaching global markets soon.
Touching on education and skill development, PM Modi noted the increase in the number of Indian institutions in global rankings and praised the efforts to improve the quality of education. He also discussed the PM Internship Scheme, which will offer one crore young Indian practical work experience in major companies.
The Prime Minister further emphasised India’s progress in research, with a major jump in the Global Innovation Index and the establishment of a ₹1 trillion research fund to boost the country’s capabilities. Focusing on India’s green initiatives, PM Modi celebrated the country’s leadership in launching the Global Biofuel Alliance and the commitment to producing 5 million tons of green hydrogen by the end of the decade. He highlighted the success of the PM SuryaGhar Free Electricity Scheme, which promotes solar power for households, creating job opportunities and reducing carbon emissions.
In conclusion, PM Modi stressed that India is undergoing a massive transformation and is on track for sustained high growth. He expressed confidence that valuable inputs from discussions at the conclave will guide future policy decisions and thanked industry leaders for their contributions.
Finance Minister Nirmala Sitharaman and the President of the Institute of Economic Growth, N K Singh, were also present at the event.
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